Summit Exploration and Production farming out UK Central North Sea Block 22/14c

Opportunity
Summit Exploration and Production farming out UK Central North Sea Block 22/14c
Summary
Summit Exploration and Production is seeking a partner to join in the exploration of Block 22/14c in the UK Central North Sea. Farminee to participate in drilling the low risk, Forties Member, K2 Prospect providing resources of 29 Mmbls of oil or 135 Bcf of gas + 5 Mmbls.
Region:
Europe/Caspian/CIS
Country
United Kingdom
Company:
Summit Exploration and Production
Company Logo:
Address:
23, College Hill London EC4R 2RP, United Kingdom
Tel No:
4402074293500
Email:
Website:
Date posted:
January 22, 2020 at 4:19 pm
Type of Deal:
Farm Out
Hydrocarbon Type:
Oil/Gas
On/Offshore:
Offshore
Opportunity Details:

Summit Exploration and Production (the UK subsidiary of Tokyo based Sumitomo Corp) is seeking a partner to join in the exploration of its P.2382 Licence, covering Block 22/14c in the UK Central North Sea.

Photo - see caption

Opportunity Summary:

  • Farmin to participate in drilling the low risk, Forties Member, K2 Prospect providing resources of 29 Mmbls of oil or 135 Bcf of gas + 5 Mmbls.
  • K2 is a near field prospect, trapped within a clearly defined 4-way dip closure, with excellent AVO conformance to structure.
  • Drilling K2 would de-risk and provide exposure to 73 Mmboe of additional recoverable resources identified across 22/14c.
  • Short tieback distance to established nearby infrastructure allows for a fast and low cost development with robust economics.

Work Programme:

  • Extensive work programme already completed. Including Ji-Fi inversion and reservoir simulation modelling for recoverable reserves.
  • Site survey already completed to enable drilling at the earliest opportunity.
  • Dry hole well, to 9000ft TVDss, £12.8mm gross (15% contingency, site survey, all-in).
  • SEPL currently 75% – with up to 40% equity available to companies that are prepared to commit to a ‘Phase C’ drilling programme with SEPL.
  • The dataroom is open.

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